The expanded mortgage refinance program

The HARP program started in 2009. It helps homeowners refinance their mortgages at lower rates. They can bypass the usual requirement of having 20 percent equity in their home. Many borrowers were unable to take advantage of this program because they were too underwater, or owed more than their home was worth.

The program has been expanded and eligibility won’t be effected by how much a home’s value has declined. The program will also help by eliminating some fees for closing costs. The mortgage has to be owned or backed by Fannie Mae or Freddie Mac. They own about half of all mortgages in the U.S.

For additional information take a look at this article by the Virginian Pilot.

http://hamptonroads.com/2011/10/qa-guide-expanded-mortgagerefi-plan

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